As home prices fall, more borrowers walk away

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69. Fool Count, oh I’m sorry; those words sent you off in the wrong direction.

I certainly didn’t mean that if a homeowner had made plenty of payments, and had a great deal of money already invested in the property, it should be some type of factor or consideration.

Those words were to address the fact that the banksters never funded these loans and aren’t due any money. If a homeowner made only 1 payment, they would have more money in the property than the banks.

The properties are underwater because the banks created a bubble in housing with fraudulent appraisals, putting the homeowners on the hook for imaginary home values. The MBS market blew up as planned. The banks collected their Swaps and sold the failed MBS to the buyers of last resort, the U.S. government and the Federal Reserve. The banks, via the servicing companies they own continue to collect mortgage payments for loans they never funded and never owned.

A securitized mortgage had a second set of books over on Wall Street that was never combined with the set of books that was maintained for homeowners here on Main Street. The banks used MERS, their private land records system to conceal the owner of the loans and the history of the loans.

It simply isn’t possible for the homeowner to determine who owns their loan or what amount is actually due on the mortgage loan. That is by design.

Oh believe me; I would never suggest to anyone that they put the interests of a bank before the wellbeing of their family. I am contributing more often to these discussions because I’m hoping that homeowners will develop a better understanding of their mortgage loans.

I think it’s possible that people can learn from my research and experience: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2412603&mesg_id=2412603

I do support strategic default if the homeowner also files suit. The homeowner should obtain their Deed and compensation for the damage done to them and their property Title. The banksters shouldn’t only be held accountable for fraud by MBS investors, they should also be held accountable by homeowners, the other party the banks defrauded.

I think we both have the homeowners’ interest in mind, but rather than tens of thousands of dollars for the homeowners, I’ve got my eye on 6 figure damages.